Ukrainian Drones Strike Russian Fuel Depot And Substations, Escalates Tensions

Ukraine conducted a significant attack early on Saturday, deploying dozens of long-range strike drones to target eight Russian regions. The assault resulted in the ignition of a fuel depot and strikes on three power substations, marking a notable escalation in hostilities between the two nations.

The Ukrainian source, referencing videos on social media, reported that at least three electrical substations and a fuel storage base were struck, resulting in ignited fires at various sites.

"At least three electrical substations and a fuel storage base were hit, where fires ignited," the Ukrainian source was quoted by Reuters.

The source indicated that the facilities were targeted due to their role in supporting Russian military-industrial production.

"As a result of the work of air defence forces, the aircraft was shot down. However, as a result of falling debris, a tank with fuel and oil lubricants caught fire," said Vyacheslav Gladkov, the governor of Russia's Belgorod region, adding that firefighters were battling to put out the blaze.

Russia's defense ministry reported shooting down 50 Ukrainian drones, with the majority being 26 in the Belgorod region, followed by 10 in Bryansk, eight in Kursk, two in Tula, and one each in Smolensk, Ryazan, Kaluga, and Moscow regions.

The defense ministry in Moscow confirmed the overnight attack, which occurred amid an ongoing Russian airstrike campaign that has inflicted significant damage on Ukraine's energy infrastructure and urban areas in recent weeks.

While Ukraine does not officially confirm or deny its involvement in attacking refineries within Russia, it asserts that these facilities are legitimate targets that support the Russian military effort. On the other hand, Russia characterizes the Ukrainian drone attacks as acts of terrorism.

Meanwhile, Ukrainians anxiously awaited a vote in the U.S. House of Representatives, which could potentially release over $60 billion in aid for Ukraine that has been stalled for months.

The REPO Act, included in the foreign aid package, empowers Biden to seize frozen Russian assets in U.S. banks and allocate them to a dedicated fund for Ukraine. However, this package has been delayed in the House for months.

According to NBC News, of the $300 billion in frozen Russian assets, over $6 billion are held in U.S. banks, with the majority located in Germany, France, and Belgium.

Russian President Vladimir Putin and his government heavily invested in the euro and the dollar, amassing around $300 billion in foreign currency reserves. However, following Putin's invasion of Ukraine in early 2022, all G7 countries, including the U.S., U.K., Canada, France, Germany, Italy, and Japan, collectively froze Russia's $300 billion in foreign currency reserves held in banks across these nations, with a significant portion located in Europe.